Blockchain-Empowered E-commerce: Redefining Trust, Security, and Efficiency in Digital Marketplaces in the Context of Bangladesh.

Blockchain-Empowered E-commerce.

Abstract

The rapid evolution of electronic commerce (e-commerce) within the global landscape has ushered in unparalleled convenience while unveiling critical challenges concerning trust, security, and operational efficiency within digital marketplaces. This research paper examines the transformative potential of blockchain technology in redefining the e-commerce paradigm within the specific context of Bangladesh. Employing a mixed-method approach involving quantitative data analysis and qualitative exploration, the study delves into e-commerce growth patterns, fraudulent activities, and product category distributions. Quantitative data from reputable sources such as ECDB, Ekata, and Drip offer statistical insights into market trends, while a comprehensive literature review and semi-structured interviews with stakeholders provide qualitative perspectives. Additionally, this research proposes the Transparent Trade Blockchain Model (TTBM), encompassing smart contracts, decentralized identity management, supply chain traceability, cryptographic security, consensus mechanisms, cross-border payments, local payment system integration, loyalty programs, and community governance. Ethical considerations are paramount throughout the study, ensuring alignment with principles of privacy, transparency, and user empowerment. The findings and proposed model contribute valuable insights into the multifaceted role of blockchain technology in revolutionizing e-commerce, offering a framework for enhanced trust, security, and efficiency in Bangladesh's digital marketplace.